Sovos Compliance to launch $1.46 billion term loan on Wednesday

By Sara Rosenberg

New York, July 20 – Sovos Compliance LLC is scheduled to hold a lender call at 1:30 p.m. ET on Wednesday to launch a $1.46 billion seven-year first-lien term loan, of which $215 million is delayed-draw, according to a market source.

Credit Suisse Securities (USA) LLC, Fifth Third, Jefferies LLC and Mizuho are the arrangers on the deal.

The term loan has 101 soft call protection for one year, the source said.

Ticking fees on the delayed-draw tranche are half the margin from days 61 to 90 and the full margin thereafter.

Commitments are due at 5 p.m. ET on July 29, the source added.

Proceeds will be used to refinance existing debt, finance acquisition activity and fund a shareholder distribution.

Sovos Compliance is a provider of indirect tax and regulatory compliance software.

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